Billion for Buffalo: Where is the Money?

April 22, 2013 Updated Apr 22, 2013 at 8:01 AM EDT

By WKBW News

April 22, 2013 Updated Apr 22, 2013 at 8:01 AM EDT

BUFFALO, N.Y (WKBW) - It has been over a year since Governor Cuomo pledged $1 billion for Buffalo in his 2012 State of the State Address.

Officials now say it won't be long before Buffalo residents begin seeing the impact of the $1 billion investment.

"The Western New York Regional Economic Development Council has their next meeting the first week in May where we expect to have an update and possibly some exciting news coming down the cue," said Pete Gallivan, Western New York Communications Director for Governor Cuomo's Office.

Governor Cuomo has budgeted $100 million dollars for 10 years for the Billion for Buffalo project. Its all in an effort to promote economic growth and create jobs in the region.

One project already in the planning phases, Albany Molecular Research Inc. opening a new facility in the Buffalo Niagara Medical Campus. An estimated 250 jobs are expected to be created.

The Western New York Regional Economic Development Council is currently in the process of launching six implementation councils, made up of a diverse group of stakeholders, to offer input and suggestions to help guide the Billion for buffalo project.

"The first year was getting the councils together and developing the roadmap. Now its time to follow that roadmap to a future," said Gallivan.

The Billion for Buffalo project is anchored by several main initiatives including supporting the growth of the region's manufacturing sector, bringing healthcare innovations to the area, and facilitating world class tourism in the buffalo niagara area.